Washington, D.C. – The Federal Housing Finance Agency (FHFA) is extending the deadline, from Feb. 17, 2017 to March 21, 2017, for stakeholders to respond to a request for input on potential manufactured home chattel loans pilot initiatives for Fannie Mae and Freddie Mac (the Enterprises) as part of the Duty to Serve underserved markets. FHFA now requests input through its dedicated webpage, www.FHFA.gov/DTS, on potential manufactured home chattel loans pilot initiatives by March 21, 2017.
This extension is related to a final rule issued by FHFA on Dec. 13, 2016 to implement the Duty to Serve provisions mandated by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. The statute requires the Enterprises to serve three specified underserved markets – manufactured housing, affordable housing preservation, and rural housing – by improving the distribution and availability of mortgage financing in a safe and sound manner for residential properties that serve very low-, low-, and moderate-income families in these markets. The rule requires each Enterprise to develop an Underserved Markets Plan to fulfill this mandate.